MaaT Pharma (AO) | Under Review | Q1 update brings nothing new ahead of June CHMP vote

Research evidence excerpt

MaaT Pharma (AO) | Under Review | Q1 update brings nothing new ahead of June CHMP vote

MaaT Pharma Under Review | Target Price: none

Company description Management

Founded in 2014, MaaT Pharma is a biotech company focused on the Hervé Affagard, founder and CEO

development of microbiome-based ecosystem therapies to address oncology Eric Soyer, COO/CFO

and neurodegenerative diseases. MaaT013, its donor-derived lead asset, is Nathalie Corvaïa, CSO

currently being evaluated in a phase III trial for patients with acute graft-versus- Key shareholders

host disease, a lethal complication of allogeneic stem cell transplant and, in a Free float 14.21%

phase IIa in combination with immune checkpoint inhibitor in patients with Seventure Funds 16.05%

metastatic melanoma. Symbiosis 12.08% Crédit Mutuel Innovation 8.76%

Investment case Valuation methodology

MaaT Pharma is a clinical-stage biotech developing innovative We value MaaT Pharma based on a SOP of rNPV including

METs to restore and modulate patients’ microbiome based on MaaT013 in aGvHD and melanoma, as well as MaaT033 in allo-

both donor-dependent (MaaT013 and MaaT033) and donor- HSCT.

independent and highly scalable (MaaT03X) approaches. Other early-stage developments are not included.

Initially focused on haemato- and immuno-oncology, the WACC: 16%.

company is expanding its activities to neurodegenerative Risks to our rating

diseases. Failure/delays in clinical trials.

MaaT013, the lead asset, is currently under regulatory review in New regulatory constraints.

Europe for aGvHD, with anticipated marketing approval in 2026. Peak penetration/pricing lower than expected.

Catalysts

Sept-Oct 2026: Acceptance of the file at re-examination.

Q4 2026: Positive EMA decision on Xervyteg, onlocking EIB and

Clinigen fundings.